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OIL remains sideways favoring a retracement towards $42 – US OIL Market Outlook – 13/08/2020


WTI Crude continues to trade sideways with $42.50 upper band / resistance level limiting upside, favoring a retracement lower towards $42 support level. An OPEC report expecting a bigger than expected impact on global oil demand weighed down on sentiment as investors await the IEA Oil Market Report to be released today.

Support: 42.50 / 42
Resistance: 43.50 / 45

SquaredFinancial Daily Market Outlook


SquaredFinancial Review

Source: https://www.squaredfinancial.com/learn/daily-market-outlook/oil-remains-sideways-favoring-a-retracement-towards-42-us-oil-market-outlook-13-08-2020
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